Smaller Cities Are All the Rage

New Haven has been billing itself for years as the GSCIA (Greatest Small City in America).  Now that there is a burgeoning population of both workforce members and retirees moving from big cities to smaller ones, that seems to put New Haven in a great position.  We have the elements that people look for---education, excellent health care, recreational possibilities, and affordable housing.  That last criterion slipped a little this week, as the list of the fastest home price appreciation in metro areas listed New Haven as number 11.  And Bridgeport was number one!  Some of that comes from the fact that our prices were so low for so long, as our recession values persisted for many years after other places pulled out of the recession doldrums.  It’s obvious that a lower base produces higher incremental percentages.

It looks as though our time has come!  Millennials desiring open space, retirees needing superior hospitals, and people fleeing the denseness of big cities have all been considering these moves.  We are a smaller version of Austin, Texas, perhaps the hottest destination going right now, with two larger cities on either side.  While we don’t have quite the economic base that Austin is building, or a State Capitol (or, let’s face it, the climate), we still have a lot to offer.  Investors and entrepreneurs should be scouring our region for opportunities, while prices continue to rise and rates remain low.  All the signals from the Biden administration point to increased economic stimuli in the months to come, and this is a perfect place to take advantage of that funding.  People have been hunkering down, paying off debt, and staying home.  Once we are all vaccinated, there should be a boom in all types of commerce.

If you haven’t jumped on this bandwagon already, don’t miss out.  If you are a seller, now is the time to offer your property. If you are a buyer, the best is yet to come.